A LIVING REVOCABLE TRUST

A living trust is created by a living grantor, transferring their assets to a trustee who holds and distributes property and/or income for a beneficiary, or beneficiaries, in accordance to the grantor’s wishes. “Revocable” means it is a type of trust that generally can be changed or terminated after creation.

A “Pour-Over” Will is a type of will that is used with a living trust. It states that any assets not specified to a beneficiary (other than the trust itself) will become part of the living trust when the grantor passes away.

This lets you designate another person, called an agent, to act on your behalf with regard to specific financial decisions. “Durable” refers to the fact that the agent retains this authority even if the person who created the durable power of attorney becomes incapacitated. Your agent’s powers end when you pass away and will transition to the will executor.

Designate another person, called an agent, to act on your behalf with regard to specific healthcare decisions. “Durable” refers to the fact that the agent retains this authority even if the person who created the durable power of attorney becomes incapacitated. Your agent’s powers end when you pass away.

Are designed to help people qualify for Medicaid and protect their assets from being counted when determining eligibility. MAPTs can also help protect assets from being depleted by long-term care costs.

The most common way of solving the problem of exceeding the income limits for ALTCS. A QIT is a legal arrangement that allows people to qualify for Medicaid and other benefits even if their income is above the state's eligibility threshold. Miller Trusts are irrevocable, meaning they can't be changed or ended once they're established. They're designed to handle excess income and can help people save on healthcare costs.